Decline in U.S. Personal Saving Rate: Is it Real and Is It a Puzzle? (ICPSR 21300)

Published: Nov 8, 2007

Principal Investigator(s):
Massimo Guidolin, Federal Reserve Bank of St. Louis; Federal Reserve Bank of St. Louis

https://doi.org/10.3886/ICPSR21300.v1

Version V1

Since the mid-1990s, the national income and product accounts personal saving rate for the United States has been trending down, dropping into negative territory for three months during the past two years. This paper examines measurement problems surrounding two of the standard definitions of the personal saving rate. The authors conclude that, despite these measurement problems, the recent decline of the United States personal saving rate to low levels seems to be a real economic phenomenon and may be a cause for concern for several reasons. After examining several possible explanations for the trend advanced in the recent literature, the authors conclude that none of them provides a compelling explanation for the steep decline and negative levels of the United States personal saving rate.

Guidolin, Massimo, and Federal Reserve Bank of St. Louis. Decline in U.S. Personal Saving Rate: Is it Real and Is It a Puzzle? Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2007-11-08. https://doi.org/10.3886/ICPSR21300.v1

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Federal Reserve Bank of St. Louis. Research Division

(1) A zipped package contains an Excel file which comprises the data and corresponding figures. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

2007-11-08

2007-11-08

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